Melania Trump's MELANIA meme coin has staged a remarkable comeback, surging 19% in the last 24 hours after hitting a low of $1.23 earlier in the week.

MELANIA has emerged as a top performer in the market, outshining other popular cryptocurrencies as demand for the coin grows stronger, hinting at a potential ongoing uptrend.

The renewed interest in MELANIA is evident from the sharp increase in trading volume, reaching $203 million at present, marking a substantial 78% uptick within a day.

With this surge in trading volume, there is a clear indication of robust market confidence driven by active participation in purchasing the coin.

Notably, the spike in MELANIA's open interest by 56% over the past 24 hours, amounting to $75.44 million currently, underscores the escalating demand for this token, further supporting its upward trajectory.

The surge in open interest during a price upswing signifies fresh capital influx into the market, reinforcing the positive price momentum and reflecting trader confidence in the sustained growth potential.

Analyzing MELANIA's price movement, the Chaikin Money Flow (CMF) on the daily chart is poised to breach the zero line, indicating mounting buying pressure and signaling a shift towards a prolonged bullish trend, potentially propelling MELANIA above the $2 mark.

While the bullish trend persists, MELANIA could continue its upward trajectory, pushing past the $2 threshold. Conversely, a reversal in the meme coin's rally may see MELANIA dipping back to its previous low of $1.23.